How to Claim Unclaimed Dividends in Nigeria

Did you know there are about ₦242 billion in unclaimed dividends sitting in Nigeria's capital market? That is the figure cited in the federal government's August 2026 plan for the money.

That money belongs to Nigerian investors — people who bought shares in MTN, Zenith Bank, Dangote Cement, GTBank, and hundreds of other companies — but have never received a single naira in dividend payments.

Some of it could be yours.

Whether you bought shares during the 2004–2008 stock market boom, participated in a public offer, or inherited shares from a family member, there's a real chance your name is on a list of investors owed money — and you don't even know it.

The good news: claiming your unclaimed dividends is simpler than most people think. This guide walks you through the exact process, step by step.

October 2026: what the NELFUND plan means for your claim

In August 2026 the Federal Executive Council approved moving unclaimed dividends held in the Capital Market Trust Fund and the Dormant Account Trust Fund to the Nigerian Education Loan Fund (NELFUND), which pays for student loans. The approval was made subject to the laws governing those funds, and the Attorney-General was asked to review whether those laws need to change first.

As of mid-October 2026 we have found no report that any money has actually been moved. The SEC has also directed companies and their registrars to keep paying shareholders who claim unclaimed dividends while the new Unclaimed Funds Trust Fund is being set up.

What this means for you: you can still claim, and nothing in the plan says owners lose their right to the money. But the rules around these funds are changing, so it is worth checking your name now rather than later.

What Are Unclaimed Dividends?

An unclaimed dividend is money a company has declared and set aside for shareholders — but the shareholder never received it. The company paid it. It's sitting there. It just hasn't reached your bank account.

This happens for several reasons:

• You participated in an IPO or public offer but never opened a proper brokerage account
• Your bank account details were never registered with the registrar
• You changed banks and never updated your records
• Your address changed and dividend warrants were returned undelivered
• You inherited shares from a parent or grandparent but never claimed them
• A company changed its name through a merger and you lost track of your investment
• Your name was recorded differently — maiden name vs married name, different spelling, missing middle name

Nigeria went through two major waves of retail stock investing: the boom of 2004–2008 when millions of Nigerians bought shares for the first time, and the 2024 bull market driven by new public offers from banks and telecoms. In both periods, many investors never properly completed their registration — resulting in billions sitting unclaimed.

Open the full-screen Unclaimed Dividends Checker →

Step 1: Check If You Have Unclaimed Dividends

Step 2: Note Your Registrar

The registrar is the company that manages shareholder records on behalf of the listed company. Your unclaimed dividends are held by your registrar — not directly by the company and not by the SEC.

When you find your name on the SEC portal, it will tell you which registrar is managing your shares. This is critical — you must contact the correct registrar to claim your money.

Here are Nigeria's major registrars and their contact details:

Step 3: Download and Fill Your Registrar's E-Mandate Form

Step 4: Submit the Form

You have three submission options:

Option 1 — Submit directly to the registrar's office. Walk into the registrar's branch with your completed form and documents. Some registrars confirm payment within 1–4 days after verification. Coronation Registrars specifically advertises this timeline on their website.

Option 2 — Submit through your bank. Take the completed e-mandate form to any branch of your preferred bank. The bank will process it and send it through the NIBSS Electronic Mandate Management System to the registrar.

Option 3 — Submit through your stockbroker. If you have a stockbroker, they can submit the form on your behalf and also help if there are any issues with your records.

Step 5: Follow Up

After submission, follow up with the registrar after 5–7 business days to confirm your form has been received and is being processed. Ask for a reference number or confirmation email.

Once processed, all your outstanding unclaimed dividends will be credited directly to your bank account — and all future dividends from those shares will also be paid electronically to the same account going forward.

Special Situations

Frequently asked questions

How do I check my unclaimed dividends by name in Nigeria?

Search your name on the SEC portal at eportal.sec.gov.ng/non-mandated. Try your name with and without a middle name, and any maiden name. If your name appears, the portal shows the company and the registrar to contact to claim.

Can I still claim unclaimed dividends after the NELFUND announcement?

Yes. The August 2026 approval to move unclaimed dividends to NELFUND was made subject to the laws governing those funds and was under legal review, and the SEC has directed companies and registrars to keep paying shareholders who claim.

Is checking for unclaimed dividends free?

Yes. Searching the SEC portal is free, and registrars process claims through their e-dividend mandate forms.

What to Do After You Claim

Once your unclaimed dividends are paid and your e-mandate is active, future dividends from those shares will be paid automatically to your bank account. You don't need to do anything for subsequent payments.

However, it's good practice to:

• Keep your bank account details updated with your registrar if you ever change banks
• Check the SEC portal once a year to ensure nothing new has appeared under your name
• Ensure your shares are properly linked to your CSCS account so you can also sell them if you choose to